Realty major DLF has sold properties worth Rs 200 crore in its luxury housing project at Gurugram despite slowdown in the residential segment. The company is developing about 750 apartments in nearly 9 acre luxury housing project ‘The Crest’, launched in 2013 and expected to be completed this year. According to sources, DLF achieved Rs 200 crore sales bookings in this project for the quarter ended March.
The total sales bookings in this project was Rs 365 crore during the entire 2016-17 fiscal, which means that January- March quarter accounted for 55 per cent of the full year sales, they added. The company spokesperson declined to comment. Real estate sector, particularly housing segment, is facing multi-year slowdown and demand declined further post demonetisation decision by the government last November.
The luxury housing segment got affected the most as transactions involve a lot of cash component. However, the residential market, particularly affordable housing segment, has started to recover gradually from January this year but luxury housing is still sluggish.
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DLF is selling apartments in this project at a basic selling price (BSP) of Rs 18,500 per sq ft and the starting price is about Rs 5 crore. Penthouses are being sold at a BSP of Rs 19,500 per sq ft. During the first nine months of the last fiscal, DLF — the country’s largest real estate company — achieved a gross sales sales booking of Rs 1,550 crore and a net sales bookings of Rs 760 crore.
“Cancellation/upgradation Rs 790 crore resulting in net sales booking of Rs 760 crore booked in 9M’FY17. This is in comparison to net sales booking of Rs 2,015 crore in 9M’FY16,” DLF had said in an investors presentation. In February, DLF Ltd Chief Financial Officer (CFO) Ashok Tyagi said the company will invest about Rs 3,500 crore this year to complete construction of almost all of its existing housing projects.
DLF has 18.5 million square feet area under construction in various housing projects, and it is targeting to complete about 15-16 million sq ft by end of this year and create finished stocks amid slow sales in the residential segment. DLF’s net debt increased to Rs 24,397 crore during the third quarter of the last fiscal.